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\begin{tabular}{lc} \hline
 & (1) \\
VARIABLES & FD\_l\_mu\_sepcal\_TL\_sBFSR\_t1\_w \\ \hline
 &  \\
l\_va\_total\_FD & 0.0189*** \\
 & (0.00411) \\
l\_va\_total\_FD\_d\_inter & 0.152*** \\
 & (0.0287) \\
Constant & -0.00621*** \\
 & (0.000306) \\
 &  \\
Observations & 8,678,502 \\
R-squared & 0.000 \\
Firm FE & No \\
Year FE & No \\
 Cluster & Sector * Year \\ \hline
\multicolumn{2}{c}{ Robust standard errors in parentheses} \\
\multicolumn{2}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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